Scaling for success: streamlining mortgage processing and seizing industry opportunity

Written By Chris Davis

At the Association of Independent Mortgage Expert’s (AIME) Fuse conference for 2024, Chelsea Balak, vice president of operations and sales for processing at wemlo, painted a clear picture of the current state of the mortgage industry.

Optimism surrounds mortgage origination, particularly as rates are at their lowest in 18 months, prompting brokers to anticipate a resurgence in refinancing. Balak is keenly aware of this, noting that wemlo has been preparing for such opportunities by refining its processes to handle an influx of refinancing applications more efficiently.

"For the past year, we've really been working on what our process looks like for refinances," Balak said. She emphasizes the importance of setting clear expectations with both borrowers and loan officers (LOs), streamlining document collection and ensuring that files are clean before reaching underwriting.

This preparation, she believes, is key to shortening the back end of the process. "We want to make sure everyone's prepared and we're ready to rock it as soon as those rates come down," she explained, stressing the need to avoid letting applications linger in the pipeline too long.

wemlo, one of the largest processing companies in the industry, offers a unique model for scalability. Its processing pods, which assign multiple processors to a client, allow brokers to scale up their operations without the need for additional training or hiring. Balak highlighted the benefits of this model, explaining, "You not only get one processor, but you get multiple, and that helps us really scale with your business."

Looking ahead to 2025, Balak spotlighted wemlo's milestone achievement of hitting their 6,000th "Clear to Close" (CTC). She expressed optimism about continuing to double this figure in the coming years, setting the stage for aggressive growth. "We hit the 6,000 number. We're ready for the next 6,000," she said, highlighting how rare such achievements are in the contract processing world.

For Balak, the broker and wholesale channel remains central to wemlo's operations. She attributed much of their success to the strong relationships they've built with lenders and title companies. "Our lenders have been amazing," she said, noting that this network of relationships has been crucial in driving referrals and supporting Wemlo’s growth.

One aspect of wemlo's success that cannot be overlooked is its company culture, which Balak describes as hands-off and empowering for employees. "It's my people that really make it all happen," she said, explaining that her leadership philosophy is centered around trust and allowing her team to do their jobs without micromanagement. This approach has clearly paid off, as the company has earned accolades for being a top employer.

Addressing the role of AIME, Balak was enthusiastic about the exposure it has brought wemlo. Attending events like Fuse provides invaluable opportunities to meet with existing clients and forge new connections. "It's huge exposure for us," she said, sharing a memorable story of meeting a borrower who recognized wemlo after the company processed his loan. "It was a really cool moment.”

Read the story on Mortgage Professional America here.